Title

YCH Associates, established by the York-Cumberland Housing Development Corp. and

Authors

Source

Portland Press Herald

Date

8-31-1994

Pages

1A, 10A

Abstract

YCH Associates, established by the York-Cumberland Housing Development Corp. and Peoples Heritage Bank to renovate four apartment buildings on Portland's Sherman Street, has defaulted on a $430,000 loan from the city of Portland, a $25,000 loan from the Portland Housing Authority and $2.2 million in loans from the Maine State Housing Authority. Portland has rejected an agreement under which YCH would repay the $430,000, meaning the city will lose the money. The rejection allows MSHA to foreclose on the buildings, which the city favors because it will result in new ownership for the properties. Details.